Laserfiche WebLink
111706 <br />DEW <br />DISPOSITION <br />REQUEST FOR COUNCIL CONSIDERATION <br />STAFF REPORT <br />AGENDA SESSION DATE June 5 , 1995 <br />Agenda Section: 5 . <br />Report Number: q 5-136 1 WS <br />Report Date: 6-1-95 <br />Item Description: Discussion of Resolution Approving Mounds View's Business Loan Program <br />Administrator's Review/Recommendation: <br />- No comments to supplement this report <br />- Comments attached. <br />Explanation/Summary (attach suppleme <br />SUMMARY; <br />sheetsas necessary.) <br />With the assistance of Western Bank, Jim O'Mera drafted a participation <br />agreement that would be signed by the EDA and the "participating bank" for <br />each executed business loan. The agreement includes provisions in relation to <br />the following: EDA sharing in the payments received from the Debtor; EDA <br />holding a subordinate position on collateral in relation to the bank; EDA's <br />acknowledgment of loan documents; EDA's payment to the bank for its portion <br />of the loan; the banks responsibility to administer the loan; and procedures in <br />the event of termination of the loan. <br />The attached resolution, drafted by Jim O'Mera, serves to validate that the <br />Business Loan program falls under the goals of the current Mounds View Tax <br />Increment Project Plan and fulfills the legal requirements of Tax Increment <br />Law. <br />In addition, I have attached the Economic Development Commission's <br />resolution recommending $100,000 and $300,000 to fund the program for 1995 <br />and 1996 respectively. <br />Cathy Be , Economic Development Coordinator <br />RECOMMENDATION: <br />